U.S. manufacturing increased in February, reaching its highest level since May 2004, according to the Institute for Supply Management.
The overall economy grew for the 21st straight time, while the manufacturing sector expanded for the 19th time, ISM reported Tuesday.
According to the supply institute’s monthly report on business, the ISM index increased to 61.4 in February from 60.8 in January.
Economists polled by Thomson Reuters had predicted the index would rise to 61.0.
The closely watched prices paid index grew to 82.0 from 81.5, while the employment index was at 64.5, up from 61.7 in January.
The production index increased to 66.3 from 63.5, the new orders index climbed to 68.0 from 67.8, and the supplier deliveries index saw a jump to 59.4 from 58.6.
The export orders index increased to 62.5 from 62.0 and the imports index held steady at 55.0.